KBC Groupe : Sell-side analysts' pre-consensus

KBC Group

Sell-Side Analyst Consensus Estimate

4Q 2020 and FY2020, 2021, 2022 and 2023

Consensus estimate issued by KBC Group Investor Relations office

Date of the last update: 22 January 2021

This consensus was built on estimates submitted by analysts to KBC Group NV, during the period from 19 January 2021 to 22 January 2021. It is not investment research, and is therefore not subject to the rules governing investment research, including conflict of interest provisions.

The material from which the figures are drawn is the sole responsibility of the analysts concerned. KBC Group does not endorse the research, the figures or their correctness and accuracy in any way and accepts no liability in respect of it. KBC Group has not commented on or verified any individual estimates.

It should be noted that' estimates are, by definition, forward looking and are therefore subject to risks and uncertainties which are subject to change at any time and which may materially affect eventual results.

The consensus figures are provided for information purposes only. They should not be seen as a recommendation to buy or sell shares in KBC Group, or to take or refrain from taking any other action.

KBC Group												PRE 4Q 2020
Sell-Side Analyst Consensus Estimate
			NET RESULT							CET1 (after capital distribution, fully loaded)
(EUR m)	Low	AVG	High	No of observations					Low	AVG	High	No of observations
4Q 2020e	283	538	607	18			4Q	2020e	16,1%	17,7%	18,4%	18
FY 2020e	1.160	1.436	1.510	18			FY 2020e	16,1%	17,7%	18,4%	18
FY 2021e	1.481	1.806	2.095	18			FY 2021e	16,0%	17,4%	18,8%	18
FY 2022e	1.725	2.140	2.405	18			FY 2022e	15,7%	17,5%	19,5%	18
FY 2023e	2.065	2.303	2.490	10			FY 2023e	14,4%	16,1%	17,7%	8
			EPS								RWA
	(EUR)	Low	AVG	High	No of observations			(EUR m)	Low	AVG	High	No of observations
4Q	2020e	0,68	1,27	1,43	18			4Q 2020e	100.056	101.377	104.732	18
FY 2020e	2,79	3,39	3,59	18			FY 2020e	100.056	101.377	104.732	18
FY 2021e	3,56	4,28	4,96	18			FY 2021e	100.025	104.512	109.635	18
FY 2022e	4,14	5,10	5,77	18			FY 2022e	102.613	107.896	113.929	18
FY 2023e	4,84	5,54	5,95	10			FY 2023e	112.006	116.143	123.281	8
			DPS							Share buy-back
	(EUR)	Low	AVG	High	No of observations			(EUR m)	Low	AVG	High	No of observations
FY 2020e	0,00	0,73	2,89	17			FY 2020e	0	0	0	17
FY 2021e	2,00	3,00	6,86	17			FY 2021e	0	111	1.200	17
FY 2022e	2,49	3,26	5,29	17			FY 2022e	0	87	450	17
FY 2023e	3,25	3,79	5,71	9			FY 2023e	0	192	550	9
			Pay-out ratio					Explanation
		Low	AVG	High	No of observations
FY 2020e	3,4%	23,1%	88,0%	17			Low		Expresses the lowest estimate from the given range of estimates
FY 2021e	50,0%	77,8%	169,0%	17			AVG		Expresses the average estimate from the given range of estimates
FY 2022e	50,0%	69,5%	100,0%	17			High		Expresses the highest estimate from the given range of estimates
FY 2023e	60,0%	78,2%	100,0%	9

KBC Group - 4Q 2020

Sell-Side Analyst Consensus Estimate

	CONSENSUS
	(in m EUR)	Low	Average	High	N°
	Net interest income	1.053	1.078	1.109	18	1.054	1.080	1.078	1.053	1.075	1.101	1.070	1.076	1.086	1.070	1.076	1.109	1.074	1.087	1.070	1.095	1.069	1.078
	Non-life insurance before reinsurance	195	215	240	16	204	231	240	215		213	206	226	203	223	220	195	222		199	227	207	205
	Life insurance before reinsurance	-7	1	4	16	3	2	1	3		-3	1	3	-7	-3	2	3	2		2	1	4	0
	Ceded reinsurance result	-12	-7	0	17	-7	-7	-4	-2		-8	-10	-10	-4	-7	0	-4	-6	-10	-10	-12	-4	-10
	Dividend income	3	13	17	18	13	17	15	13	17	8	12	14	11	13	4	16	13	14	16	16	3	17
	Net result from FI at FV through profit or loss	47	72	90	18	80	75	51	82	49	55	78	90	47	73	85	54	70	82	84	76	82	77
	Net realised result from debt instr. at FV through OCI	-2	1	6	18	4	6	0	-1	3	0	0	1	1	1	0	-2	1	0	1	0	1	1
	Net fee and commission income	388	402	429	18	400	403	388	394	388	408	396	403	402	402	398	429	423	408	400	398	392	411
	Net other income	36	43	58	18	39	43	43	38	36	45	42	44	51	41	46	37	42	38	39	58	55	40
	TOTAL INCOME	1.758	1.816	1.860	18	1.788	1.851	1.812	1.795	1.758	1.820	1.795	1.846	1.789	1.812	1.830	1.837	1.841	1.825	1.803	1.860	1.810	1.820
	Operating expenses excl. banking tax	-970	-957	-941	16	-968	-955	-968	-955		-943	-960	-968	-941	-953	-952	-967	-957		-970	-946	-950	-952
	Banking tax	-53	-49	-36	16	-50	-53	-49	-36		-48	-50	-46	-49	-50	-49	-50	-50		-50	-50	-50	-50
	Impairment	-447	-118	-58	18	-107	-84	-76	-110	-117	-105	-85	-131	-85	-106	-103	-447	-127	-88	-58	-100	-100	-92
	Share in results of associated companies	-4	2	19	18	-1	7	-1	-1	4	-2	0	0	0	-1	6	10	3	-4	8	-2	19	-2
	PROFIT BEFORE TAX	383	695	765	18	661	765	718	693	637	721	701	701	715	703	732	383	711	725	734	762	730	724
	Income tax expense	-173	-158	-100	18	-146	-158	-167	-153	-152	-159	-159	-165	-168	-158	-161	-100	-168	-173	-153	-168	-172	-159
	PROFIT AFTER TAX	283	538	607	18	515	607	551	540	484	562	542	536	547	545	571	283	542	553	581	594	557	565
	Minority interests	0	0	0	18	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	NET RESULT - GROUP SHARE	283	538	607	18	515	607	551	540	484	562	542	536	547	545	571	283	542	553	581	594	557	565
	Distribution		392
	- Belgium	329	425	18	388	411	414	362	358	392	393	388	414	389	385	329	370	419	425	402	411	400
	- Czech Republic	68	98	118	18	89	98	77	104	99	114	100	89	102	101	105	68	99	114	118	118	86	93
	- International Markets	-92	65	129	18	76	129	87	49	57	88	78	73	60	73	53	-92	100	42	83	83	76	53
	o/w Slovakia	-27	20	66	15	21	23	21	18		22	25	14	21	27	19	-27	66	12		22		18
	o/w Hungary	-21	35	57	15	41	57	45	26		45	43	42	31	43	49	-21	20	24		44		35
	o/w Bulgaria	-3	20	36	15	24	36	24	21		25	22	23	16	16	20	-3	21	9		25		15
	o/w Ireland	-41	-11	14	15	-11	14	-4	-17		-4	-12	-7	-7	-12	-35	-41	-7	-3		-8		-15
	- Group Centre	-46	-18	28	18	-38	-32	-28	24	-29	-32	-29	-14	-30	-19	28	-22	-27	-22	-46	-9	-16	18
	EPS (earnings per share)	0,68	1,27	1,43	18	1,21	1,43	1,30	1,29	1,10	1,35	1,27	1,29	1,24	1,25	1,37	0,68	1,30	1,33	1,39	1,43	1,34	1,36
	CET1 (fully loaded)	16,1%	17,7%	18,4%	18	17,3%		17,9%	17,9%	18,1%	17,8%	18,4%	17,8%	16,9%	18,2%	17,5%	17,2%	16,1%	17,7%	17,7%	18,2%	17,8%	18,0%
		17,4%
	of which RWA	100.056	101.377	104.732	18	101.291		101.259	100.589	102.257	100.291	101.092	101.148	101.038	100.867	101.881	102.292	104.732	100.784	101.401	100.268	100.056	101.280	102.254

KBC Group - FY 2020

Sell-Side Analyst Consensus Estimate

	CONSENSUS
	(in m EUR)	Low	Average	High	N°
	Net interest income	4.450	4.471	4.486	18		4.454		4.480		4.479		4.454		4.474		4.475		4.470		4.476		4.486		4.470		4.450		4.471		4.474		4.485		4.470		4.469		4.469		4.478
	Non-life insurance before reinsurance	868	888	913	16		877		905		913		888				886		879		899		876		897		893		868		895				873		901		881		878
	Life insurance before reinsurance	-1	7	11	16		9		9		7		9				4		8		9		-1		3		9		9		9				9		7		11		6
	Ceded reinsurance result	-42	-36	-30	17		-37		-37		-34		-32				-37		-39		-40		-33		-37		-30		-33		-36		-41		-39		-42		-33		-40
	Dividend income	44	54	58	18		54		58		56		54		57		49		53		55		53		54		46		58		54		54		57		58		44		58
	Net result from FI at FV though profit or loss	-1	25	43	18		32		28		4		35		2		8		31		43		-1		26		38		7		23		35		37		29		35		30
	Net realised result from debt instruments at FV through OCI	0	4	10	18		8		10		4		2		7		4		3		5		4		4		3		2		5		0		4		0		4		5
	Net fee and commission income	1.595	1.609	1.636	18		1.606		1.610		1.595		1.601		1.596		1.615		1.603		1.610		1.609		1.609		1.603		1.636		1.630		1.615		1.607		1.605		1.599		1.618
	Net other income	175	185	225	18		176		182		182		175		175		208		182		181		189		178		184		180		179		177		178		225		194		179
	TOTAL INCOME	7.153	7.206	7.252	18		7.180		7.245		7.206		7.187		7.153		7.212		7.190		7.238		7.183		7.205		7.196		7.197		7.233		7.216		7.196		7.252		7.204		7.214
	Operating expenses excl. banking tax	-3.681	-3.668	-3.654	16		-3.680		-3.658		-3.681		-3.667				-3.655		-3.673		-3.680		-3.654		-3.665		-3.661		-3.680		-3.672				-3.680		-3.660		-3.664		-3.665
	Banking tax	-518	-505	-491	16		-506		-518		-504		-491				-504		-505		-502		-504		-505		-508		-505		-503				-507		-504		-504		-505
	Impairment	-1.498	-1.177	-1.118	18		-1.167		-1.144		-1.136		-1.170		-1.176		-1.165		-1.146		-1.191		-1.145		-1.165		-1.163		-1.498		-1.187		-1.147		-1.118		-1.160		-1.160		-1.152
	Share in results of associated companies	-12	-6	10	18		-10		-2		-10		-10		-4		-11		-8		-9		-9		-10		-3		1		-5		-12		-1		-11		10		-11
	PROFIT BEFORE TAX	1.515	1.849	1.923	18		1.817		1.923		1.875		1.848		1.796		1.877		1.859		1.856		1.871		1.859		1.861		1.515		1.866		1.880		1.891		1.917		1.887		1.881
	Income tax expense	-427	-412	-355	18		-401		-413		-422		-408		-406		-414		-414		-420		-422		-413		-416		-355		-423		-427		-407		-423		-427		-414
	PROFIT AFTER TAX	1.160	1.436	1.510	18		1.416		1.510		1.454		1.440		1.389		1.463		1.445		1.436		1.449		1.446		1.445		1.160		1.443		1.453		1.483		1.494		1.459		1.468
	Minority interests	0	0	0	18		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
	NET RESULT - GROUP SHARE	1.160	1.436	1.510	18		1.416		1.510		1.454		1.440		1.389		1.463		1.445		1.436		1.449		1.446		1.445		1.160		1.443		1.453		1.483		1.494		1.459		1.468
	Distribution		993
	- Belgium	907	1.029	18		993		1.016		1.019		967		964		997		997		993		1.018		994		964		907		975		1.023		1.029		1.007		1.015		1.005
	- Czech Republic	354	380	400	18		370		380		359		385		382		395		381		371		384		382		386		354		381		394		400		399		368		374
	- International Markets	18	176	242	18		187		242		199		160		170		199		191		184		171		185		162		18		211		153		196		194		189		165
	o/w Slovakia	3	53	142	15		51		53		52		48				52		56		45		51		57		50		3		142		42				52				48
	o/w Hungary	48	107	132	15		117		132		120		102				121		120		118		106		119		125		48		50		100				120				111
	o/w Bulgaria	47	70	86	15		75		86		74		72				75		73		74		66		66		68		47		71		60				75				66
	o/w Ireland	-80	-56	-31	15		-55		-31		-49		-62				-49		-57		-52		-52		-57		-80		-80		-52		-49				-53				-60
	- Group Centre	-142	-114	-68	18		-134		-128		-124		-72		-126		-128		-126		-111		-124		-115		-68		-119		-123		-117		-142		-105		-112		-77
	EPS (earnings per share)	2,79	3,39	3,59	18		3,28		3,51		3,37		3,46		3,09		3,52		3,35		3,45		3,35		3,33		3,31		2,79		3,47		3,49		3,56		3,59		3,50		3,52
	DPS (dividend per share)	0,00	0,73	2,89	17		0,48		0,48		0,00		0,52		0,48		0,49		0,49		2,89		1,50		0,48		1,66				0,48		0,50		0,50		0,52		0,51		0,49
	Potential share buy-back decided for the accounting year	0	0	0	17		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0		0
	Pay-out ratio (in %)	3,4%	23,1%	88,0%	17		14,6%		13,0%		3,4%		15,0%		21,7%		18,8%		15,0%		88,0%		47,0%		14,4%		50,0%				14,0%		14,8%		15,0%		15,0%		18,0%		14,4%
	CET1 (after capital distribution, fully loaded)	16,1%	17,7%	18,4%	18		17,3%		17,9%		17,9%		18,1%		17,8%		18,4%		17,8%		16,9%		18,2%		17,5%		17,2%		16,1%		17,7%		17,7%		18,2%		17,8%		18,0%		17,4%
	of which RWA	100.056	101.377	104.732	18		101.291		101.259		100.589		102.257		100.291		101.092		101.148		101.038		100.867		101.881		102.292		104.732		100.784		101.401		100.268		100.056		101.280		102.254

KBC Group - FY 2021

Sell-Side Analyst Consensus Estimate

	CONSENSUS
	(in m EUR)	Low	Average	High	N°
							4.148		4.375		4.342		4.375		4.463		4.398		4.340		4.354		4.386		4.362		4.394		4.395		4.404		4.275		4.306		4.433		4.341		4.255
	Net interest income	4.148	4.353	4.463	18
	Non-life insurance before reinsurance	787	864	927	16		857		787		895		927				821		906		922		911		817		849		845		799				859		868		910		846
	Life insurance before reinsurance	-20	3	27	16		9		-20		11		21				-3		-4		13		-18		-3		0		11		11				2		27		-12		5
	Ceded reinsurance result	-39	-29	-10	17		-34		-17		-22		-18				-29		-39		-35		-22		-32		-21		-10		-29		-36		-36		-39		-33		-37
	Dividend income	51	72	90	18		82		90		56		64		70		79		86		66		51		76		83		82		55		74		84		64		66		61
	Net result from FI at FV though profit or loss	168	257	481	18		429		481		212		220		180		253		220		282		244		274		251		334		261		195		168		174		190		249
	Net realised result from debt instruments at FV through OCI	0	3	10	18		9		10		3		1		10		0		0		1		2		3		5		0		5		0		4		0		3		5
	Net fee and commission income	1.602	1.673	1.756	18		1.726		1.681		1.602		1.746		1.663		1.643		1.660		1.676		1.649		1.756		1.666		1.661		1.685		1.646		1.629		1.716		1.653		1.658
	Net other income	183	209	263	18		218		263		183		240		200		194		216		224		196		200		220		216		198		200		205		197		199		200
	TOTAL INCOME	7.145	7.399	7.652	18		7.444		7.652		7.283		7.578		7.396		7.356		7.385		7.503		7.398		7.452		7.446		7.533		7.389		7.145		7.219		7.440		7.317		7.242
	Operating expenses excl. banking tax	-3.791	-3.706	-3.569	16		-3.791		-3.693		-3.704		-3.697				-3.702		-3.733		-3.740		-3.706		-3.711		-3.747		-3.726		-3.727				-3.719		-3.618		-3.569		-3.707
	Banking tax	-531	-509	-482	16		-521		-531		-507		-492				-512		-496		-490		-511		-509		-482		-514		-513				-510		-519		-529		-500
	Impairment	-1.015	-871	-632	18		-907		-804		-867		-778		-853		-730		-954		-1.015		-869		-936		-875		-982		-769		-955		-632		-986		-864		-910
	Share in results of associated companies	-12	1	33	18		-6		25		-8		-10		16		-8		0		-1		0		3		5		1		-5		-12		33		-10		10		-8
	PROFIT BEFORE TAX	1.923	2.314	2.649	18		2.220		2.649		2.197		2.601		2.375		2.404		2.203		2.257		2.312		2.299		2.346		2.312		2.374		1.923		2.391		2.306		2.365		2.117
	Income tax expense	-553	-508	-442	18		-495		-553		-492		-547		-518		-521		-485		-465		-497		-509		-516		-531		-551		-442		-520		-479		-544		-476
	PROFIT AFTER TAX	1.481	1.806	2.095	18		1.725		2.095		1.704		2.054		1.857		1.883		1.718		1.793		1.815		1.790		1.830		1.781		1.823		1.481		1.871		1.827		1.821		1.641
	Minority interests	0	0	0	18		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
	NET RESULT - GROUP SHARE	1.481	1.806	2.095	18		1.725		2.095		1.704		2.054		1.857		1.883		1.718		1.793		1.815		1.790		1.830		1.781		1.823		1.481		1.871		1.827		1.821		1.641
	Distribution		1.161
	- Belgium	887	1.398	18		1.174		1.398		1.075		1.256		1.081		1.169		1.130		1.151		1.259		1.207		1.111		1.132		1.201		887		1.212		1.089		1.179		1.183
	- Czech Republic	365	433	549	18		389		503		365		549		489		461		369		388		381		453		425		409		374		484		516		452		399		388
	- International Markets	209	291	373	18		260		249		328		315		343		325		294		322		235		209		373		275		321		220		252		365		289		262
	o/w Slovakia	26	62	182	15		44		26		61		44				76		54		60		53		43		74		31		182		61				58				68
	o/w Hungary	63	145	236	15		161		140		148		153				171		142		146		123		125		169		145		63		109				236				142
	o/w Bulgaria	46	73	100	15		50		69		90		83				73		85		100		52		51		79		86		83		46				90				57
	o/w Ireland	-19	10	51	15		5		14		28		35				6		12		16		7		-10		51		12		-7		5				-19				-5
	- Group Centre	-192	-79	-36	18		-99		-55		-63		-67		-56		-72		-74		-69		-61		-79		-79		-36		-73		-110		-109		-80		-45		-192
	EPS (earnings per share)	3,56	4,28	4,96	18		4,04		4,96		3,98		4,93		4,22		4,57		4,01		4,30		4,23		4,16		4,24		4,28		4,38		3,56		4,48		4,39		4,40		3,94
	DPS (dividend per share)	2,00	3,00	6,86	17		2,38		5,95		3,07		2,46		2,20		2,64		2,00		6,86		2,40		2,70		2,54				2,85		2,10		2,80		2,48		2,80		2,75
	Potential share buy-back decided for the accounting year	0	111	1.200	17		100		0		0		0		0		272		0		0		0		0		0				0		0		0		0		310		1.200
	Pay-out ratio (in %)	50,0%	77,8%	169,0%	17		64,8%		117,0%		77,9%		50,0%		54,8%		75,9%		50,0%		169,0%		58,0%		65,0%		60,0%				65,0%		61,1%		65,0%		60,0%		83,0%		146,8%
	CET1 (after capital distribution, fully loaded)	16,0%	17,4%	18,8%	18		17,3%		16,4%		18,1%		18,8%		17,9%		18,0%		18,0%		16,0%		18,4%		17,8%		17,5%		16,4%		17,9%		16,2%		18,6%		16,1%		17,0%		16,6%
	of which RWA	100.025	104.512	109.635	18		105.127		108.126		101.378		104.107		104.326		103.746		104.433		100.025		103.720		105.395		104.684		108.764		103.125		102.686		101.862		105.532		104.552		109.635

KBC Group - FY 2022

Sell-Side Analyst Consensus Estimate

	CONSENSUS
	(in m EUR)	Low	Average	High	N°
							4.303	4.599	4.458	4.380	4.436		4.396		4.437		4.487		4.536		4.454		4.460		4.464		4.452		4.241		4.395		4.417		4.346		4.318
	Net interest income	4.241	4.421	4.599	18
	Non-life insurance before reinsurance	803	893	965	16		872	803	913	965			877		943		959		942		845		877		861		815				879		916		932		893
	Life insurance before reinsurance	-20	7	39	16		11	-20	11	34			-5		0		17		-11		-3		1		11		11				9		39		-6		7
	Ceded reinsurance result	-39	-29	-10	17		-32	-17	-22	-18			-31		-39		-35		-30		-32		-21		-10		-29		-34		-32		-39		-32		-39
	Dividend income	52	74	93	18		90	93	58	74	75		79		86		69		52		78		83		82		56		75		84		64		68		67
	Net result from FI at FV though profit or loss	174	267	484	18		433	484	216	220	210		283		240		242		249		288		251		339		261		186		258		174		213		254
	Net realised result from debt instruments at FV through OCI	0	3	10	18		9	10	3	1	10		0		0		1		2		3		4		0		5		0		4		0		3		4
	Net fee and commission income	1.617	1.734	1.836	18		1.825	1.774	1.617	1.832	1.710		1.706		1.717		1.747		1.696		1.836		1.729		1.705		1.719		1.705		1.674		1.798		1.712		1.706
	Net other income	187	213	267	18		219	267	187	240	200		209		216		241		201		200		220		217		201		200		205		200		204		200
	TOTAL INCOME	7.186	7.575	7.992	18		7.729	7.992	7.440	7.729	7.471		7.515		7.600		7.728		7.636		7.669		7.604		7.667		7.491		7.186		7.474		7.569		7.440		7.409
	Operating expenses excl. banking tax	-3.849	-3.749	-3.603	16		-3.849	-3.789	-3.752	-3.728			-3.740		-3.795		-3.752		-3.780		-3.757		-3.742		-3.764		-3.778				-3.785		-3.609		-3.603		-3.753
	Banking tax	-556	-518	-489	16		-527	-541	-514	-492			-523		-506		-501		-521		-514		-489		-514		-523				-514		-535		-556		-516
	Impairment	-757	-575	-397	18		-558	-660	-757	-602	-525		-479		-597		-571		-580		-587		-523		-513		-552		-580		-397		-654		-540		-671
	Share in results of associated companies	-12	1	33	18		-5	25	-8	-10	16		-8		0		-1		0		3		7		1		-5		-12		33		-10		10		-9
	PROFIT BEFORE TAX	2.313	2.740	3.028	18		2.790	3.028	2.410	2.896	2.794		2.765		2.702		2.902		2.754		2.814		2.856		2.878		2.632		2.313		2.812		2.762		2.752		2.460
	Income tax expense	-661	-600	-541	18		-609	-623	-541	-613	-608		-600		-582		-600		-589		-597		-628		-661		-607		-588		-603		-574		-626		-553
	PROFIT AFTER TAX	1.725	2.140	2.405	18		2.181	2.405	1.870	2.283	2.186		2.165		2.119		2.303		2.165		2.217		2.228		2.217		2.025		1.725		2.208		2.188		2.126		1.906
	Minority interests	0	0	0	18		0	0	0	0	0		0		0		0		0		0		0		0		0		0		0		0		0		0
	NET RESULT - GROUP SHARE	1.725	2.140	2.405	18		2.181	2.405	1.870	2.283	2.186		2.165		2.119		2.303		2.165		2.217		2.228		2.217		2.025		1.725		2.208		2.188		2.126		1.906
	Distribution		1.335
	- Belgium	1.119	1.530	18		1.351	1.530	1.183	1.413	1.218		1.352		1.355		1.481		1.486		1.388		1.318		1.390		1.311		1.119		1.332		1.301		1.266		1.227
	- Czech Republic	398	527	660	18		559	660	398	602	624		540		476		529		446		611		515		513		421		541		615		464		490		483
	- International Markets	229	355	500	18		361	286	352	335	394		360		363		362		295		297		465		341		365		229		371		500		410		297
	o/w Slovakia	29	75	199	15		69	29	66	45			87		83		73		56		62		90		56		199		62				73				73
	o/w Hungary	73	161	268	15		181	154	159	166			182		159		162		132		154		182		172		73		112				268				153
	o/w Bulgaria	46	84	110	15		70	69	97	89			78		106		110		78		63		105		90		86		46				107				71
	o/w Ireland	0	27	89	15		41	35	29	35			13		15		17		28		17		89		23		7		9				51				0
	- Group Centre	-164	-77	-27	18		-91	-72	-64	-68	-50		-87		-74		-69		-61		-79		-71		-27		-72		-164		-109		-78		-41		-101
	EPS (earnings per share)	4,14	5,10	5,77	18		5,22	5,77	4,37	5,48	5,01		5,32		4,97		5,53		5,07		5,18		5,20		5,32		4,86		4,14		5,28		5,25		5,20		4,67
	DPS (dividend per share)	2,49	3,26	5,29	17		3,09	4,00	3,37	2,74	2,60		3,08		2,49		5,29		3,00		3,37		3,38				3,40		2,80		3,30		2,99		3,58		3,00
	Potential share buy-back decided for the accounting year	0	87	450	17		400	0	0	0	0		314		0		0		0		0		0				0		0		0		0		311		450
	Pay-out ratio (in %)	50,0%	69,5%	100,0%	17		77,5%	68,0%	77,6%	50,0%	54,2%		75,6%		50,0%		100,0%		60,0%		65,0%		65,0%				70,0%		69,6%		65,0%		60,0%		85,0%		89,2%
	CET1 (after capital distribution, fully loaded)	15,7%	17,5%	19,5%	18		17,7%	16,5%	18,1%	19,5%	18,1%		17,9%		18,4%		15,8%		18,7%		18,1%		17,7%		16,2%		18,1%		16,4%		18,6%		15,7%		17,0%		15,7%
	of which RWA	102.613	107.896	113.929	18		107.698	111.730	103.675	106.087	109.195		105.981		107.668		102.613		106.658		108.496		108.081		112.955		105.461		104.608		106.070		113.929		108.276		112.949

KBC Group - FY 2023

Sell-Side Analyst Consensus Estimate

	CONSENSUS
	(in m EUR)	Low	Average	High	N°
							4.380		4.613		4.556		4.707		4.636		4.533		4.526		4.513
	Net interest income	4.380	4.536	4.707	10									4.384	4.508
	Non-life insurance before reinsurance	831	929	997	10		917		932		997		973		908		877		831		965	954	934
	Life insurance before reinsurance	-12	12	52	10		13		11		21		-12		6		11		12		52	0	8
	Ceded reinsurance result	-42	-29	-10	10		-30		-23		-35		-30		-21		-10		-29		-39	-31	-42
	Dividend income	53	71	98	10		98		59		71		53		83		82		57		64	70	69
	Net result from FI at FV though profit or loss	174	266	436	10		436		220		242		256		251		343		261		174	219	259
	Net realised result from debt instruments at FV through OCI	0	3	9	10		9		3		1		2		4		0		5		0	2	4
	Net fee and commission income	1.635	1.777	1.930	10		1.930		1.635		1.809		1.744		1.796		1.751		1.753		1.819	1.774	1.756
	Net other income	191	213	259	10		220		191		259		208		220		218		205		200	210	200
	TOTAL INCOME	7.583	7.777	7.974	10		7.974		7.640		7.921		7.899		7.883		7.804		7.621		7.748	7.583	7.694
	Operating expenses excl. banking tax	-3.909	-3.785	-3.612	10		-3.909		-3.800		-3.818		-3.859		-3.774		-3.804		-3.830		-3.612	-3.624	-3.823
	Banking tax	-583	-531	-500	10		-533		-520		-513		-532		-500		-514		-533		-551	-583	-533
	Impairment	-649	-514	-424	10		-573		-649		-482		-460		-424		-535		-424		-485	-500	-603
	Share in results of associated companies	-9	3	31	10		-4		-7		9		0		7		1		-5		31	10	-9
	PROFIT BEFORE TAX	2.663	2.950	3.192	10		2.955		2.663		3.116		3.048		3.192		2.952		2.828		3.132	2.886	2.727
	Income tax expense	-701	-647	-598	10		-642		-598		-640		-647		-701		-675		-649		-653	-653	-614
	PROFIT AFTER TAX	2.065	2.303	2.490	10		2.313		2.065		2.476		2.401		2.490		2.277		2.179		2.479	2.233	2.113
	Minority interests	0	0	0	10		0		0		0		0		0		0		0		0	0	0
	NET RESULT - GROUP SHARE	2.065	2.303	2.490	10		2.313		2.065		2.476		2.401		2.490		2.277		2.179		2.478	2.233	2.113
	Distribution		1.413
	- Belgium	1.283	1.592	10		1.406		1.312		1.545		1.592		1.428		1.388		1.392		1.442	1.283	1.345
	- Czech Republic	436	548	613	10		606		436		613		508		611		552		456		547	563	585
	- International Markets	351	415	561	10		390		381		386		362		535		357		402		561	424	351
	o/w Slovakia	60	92	214	9		74		72		74		81		92		60		214		80		85
	o/w Hungary	78	182	293	9		189		171		180		158		220		182		78		293		166
	o/w Bulgaria	81	100	118	9		81		105		117		87		117		93		94		118		90
	o/w Ireland	11	40	106	9		47		32		15		37		106		22		17		71		11
	- Group Centre	-168	-74	-19	10		-90		-64		-69		-61		-85		-19		-72		-71	-37	-168
	EPS (earnings per share)	4,84	5,54	5,95	10		5,63		4,84		5,95		5,69		5,76		5,47		5,23		5,95	5,54	5,33
	DPS (dividend per share)	3,25	3,79	5,71	9		3,33		3,72		5,71		3,50		3,74				3,66		3,40	3,81	3,25
	Potential share buy-back decided for the accounting year	0	192	550	9		350		0		0		500		0				0		0	327	550
	Pay-out ratio (in %)	60,0%	78,2%	100,0%	9		74,1%		77,4%		100,0%		83,0%		65,0%				70,0%		60,0%	85,0%	89,0%
	CET1 (after capital distribution, fully loaded)	14,4%	16,1%	17,7%	8		16,9%				14,4%		17,2%		17,7%		15,6%				16,5%	16,0%	14,6%
	of which RWA	112.006	116.143	123.281	8		118.344				113.182		117.690		113.378		117.340				113.926	112.006	123.281